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Chrsyler files bankruptcy, merges with Fiat
It hurts to see the US President standing in the middle of all this, being the one in control. What a quagmire 
Washington -- Chrysler LLC filed for bankruptcy protection Thursday afternoon and announced it has reached a partnership agreement with Italian automaker Fiat SpA.
The filing in U.S. Bankruptcy Court in New York is an effort to quickly wipe clean Chrysler's balance sheet, backed with $8 billion in U.S. government financing, in the hopes that the company will emerge in 30 to 60 days.
The White House forced the move Thursday after talks between the Treasury Department and some of the Auburn Hills automaker's creditors failed to reach an agreement.
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There are reasons for things. Sometimes we don't know why, or by whom those reasons are. But there are reasons for things. There are no things without reason.
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